Looking Back at the Insurance Market in 2020

Published on June 21, 2021

Looking back at the benefits of 2020 in insurance.

2020 was an interesting year. Throughout the year, our world dealt with a global pandemic, issues relating to race, and one of the most historic election seasons of our lifetime. While the world was spinning, businesses, specifically the insurance business, learned how to continue providing services to their customers within the new normal world.

2020 brought many pros and cons to the insurance industry. The insurance industry learned how to offer services during a pandemic. Brokers learned how to reach their clients, specifically the elderly clients when they needed help the most. Most importantly, insurance agents understood more about customer service’s value as people truly needed help the most.

Read on to learn more about the past year in insurance and the lessons we learned.

2020: The Year of Change

2020 was the year of change. If it taught us anything, it was how to adjust to an ever-changing world.

When it comes to insurance, the industry had to learn to adapt to a global pandemic. Health care in 2020 became more about preventing the spread of a deadly virus instead of treating those with less severe ailments.

Senior citizens were hit especially hard with the pandemic. These individuals needed to know they had the best insurance coverage possible to help them if they became a victim of COVID-19. Many became active participants in their search for health insurance. They began taking a more considerable interest in all the benefits their policies offered, especially when dealing with potentially extended hospital stays and some of the worst-case scenarios with COVID-19 cases.

As a result, agents were on call more often than before. They needed to prepare for each changing scenario that came down the pike and learn how to answer their clients’ questions and calm their fears.

Senior Insurance Agents Must Think Outside the Box

When dealing with the senior insurance market, agents in 2020 had to learn how to be available at the drop of a dime. The senior population required a lot of reassurances during 2020. They needed to know they had coverage that would work for them at all times.

However, they also needed to stay home and away from anyone that could transmit the virus to them. They could not meet their agents in person to discuss their concerns or needs. And while many understand technology, many do not. Agents needed to find ways to communicate with their clients without relying solely on technology or in-person meetings.

Many agents had to readjust their schedules to set up an online meeting with their clients and a caretaker or family member to ensure technology would not be an issue. Other times, agents needed to invest in proper PPE gear to provide their clients with safety during face-to-face meetings.

However, most times, agents simply provided their clients with mailed copies of the documents and then arranged telephone calls to answer any questions and help their clients to the best of their ability.

The reality of 2020 was that insurance sales and service became a constantly changing system. Agents had to learn flexibility, ingenuity, and patience to help their clients understand their benefits, add to their coverages, and feel comfortable should they need their health insurance policy to help in a worst-case scenario.

Insurance is Still Private

As of the end of 2020, health insurance is still private. It is not a single-payer Medicare-for-all process. Therefore, as of the start of 2021, insurance agents must still help their clients decipher their options and find what works best for their needs and budget.

However, under the new administration, health insurance may face many changes. Therefore, the lessons of 2020 will be more critical as the changes take place. The benefit of making it through 2020 as an insurance agent means you know the importance of flexibility and innovation.

How do I Learn More?

To learn more about insurance for seniors in 2021, contact the experts at American Senior Benefits. Our licensed experts will be happy to answer any questions you have.

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